AHFA Board Meets September 22

The AHFA Board of Directors met in September and approved the following business transactions:
  • The Multifamily Division's Draft 2016 HOME Investment Partnerships Program Action Plan and the Housing Credit Qualified Allocation Plan (see next article for further information)
  • Resolutions to amend the following three multifamily housing revenue bond issues:
    • Cottage Hill Pointe Apartments Project 2001 Series D
    • Liberty Square Apartments 2002 Series C
    • Lakeshore Crossing Apartments Project 2003 Series A
  • Updates to AHFA's bylaws
Multifamily Division to Hold Public Hearing 

AHFA's Multifamily Division will conduct a public hearing regarding the 2016 HOME Investment Partnerships Program Action Plan and the Housing Credit Qualified Allocation Plan on Wednesday, October 7, 2015. The public hearing will be held at 10 a.m. at the Hampton Inn & Suites located at 7651 EastChase Parkway, Montgomery, Alabama, 36117.
 
The proposed plans are available for download at www.ahfa.com. All interested parties are invited to submit written or oral comments at the public hearing regarding the proposed plans. 

All written comments must be submitted using the AHFA required 2016 Plan Comment form located at www.ahfa.com and must be received by AHFA by 5:00 p.m. CT on November 6, 2015. Any persons desiring to present oral comments should appear at the public hearing.
 
All other requests for copies of the HOME Action Plan and Housing Credit Qualified Allocation Plan must be submitted in writing to the attention of HOME Technician Pam Shedd, Alabama Housing Finance Authority, P.O. Box 242967, Montgomery, Alabama 36124- 2967 or 7460 Halcyon Pointe Drive, Suite 200, Montgomery, AL 36117.
AHFA welcomes Jimmy McLemore as General Counsel

AHFA is proud to announce the addition of Jimmy McLemore to its staff as general counsel. He is currently working closely with Neal Acker, AHFA's longtime general counsel, to immerse himself in AHFA operations before Neal's retirement next year. Prior to joining AHFA, McLemore spent 32 years - the entirety of his private practice - at Capell & Howard.
AHFA Board Member Elected President of the Association of County Commissions of Alabama 

Ray Long, appointed to the AHFA Board of Directors in October 2012 by Governor Robert Bentley, was recently elected president of the Association of County Commissions of Alabama. Long is the current chairman of the Morgan County Commission and former mayor of Somerville, Alabama.
 
Sonny Brasfield, association executive director, said Long has the essential qualities to lead the association. Brasfield said, "Long is one of the most energetic individuals I have ever met, and he has the respect and confidence of county officials and employees in every county of our state. We are excited about what we can accomplish this year under his leadership."
AHFA Celebrates 15 Years of Step Up Homeownership Program

AHFA recently celebrated 15 years of its Step Up program. Step Up began on September 8, 2000, and made Alabama the first state to provide this type of innovative financing and down payment assistance for moderate-income homebuyers. Since then, Step Up has helped more than 13,000 families across the state.

AHFA Executive Director Robert Strickland said, "Step Up has made the dream of homeownership a reality for thousands of Alabamians, and we look forward to continuing to help Alabamians realize that dream."
 
A sampling of "Happy Anniversary" messages included:
 
"...Congratulations to you and your fantastic team for helping change so many lives in our great state. The team's innovation and dedication to serving the people who benefit so greatly from the programs that AHFA offers is just outstanding." - Cathy Lambert, Synovus Mortgage Corporation
 
"Congratulations and Happy Birthday! You should be very proud. We are glad to have been a small part of this happy story." - David Witt, Genworth Financial
 
The Step Up program was designed specifically for moderate-income homebuyers who can afford a mortgage, but need help with the down payment. For more information about Step Up, visit www.ahfa.com/homebuyers/step_up.aspx. 
King & Strickland accept NCSHA award for AHBI
AHBI Wins National Award

AHFA's Alabama Home Buyer Initiative has been honored with a program excellence award at the NCSHA Annual Conference in Nashville. The initiative was the top entry in the "Homeownership: Empowering New Buyers" category. 

The Alabama Home Buyer Initiative, which ran from March 2014 - March 2015, benefitted more than 1,600 homebuyers and generated approximately $243 million in home sales. AHBI was designed to complement AHFA's Step Up mortgage program by eliminating PMI costs for the homebuyer by paying the upfront single PMI premium.  

Executive Director Robert Strickland and Single-Family Administrator Mike King accepted the award on behalf of AHFA.
Pell City's Clarion Cove Opens

A grand opening for Clarion Cove Apartments in Pell City was held Thursday, September 24. The development has a total of 60 two- and three-bedroom units spanning more than 13 buildings.

Clarion Cove also features an array of amenities including a clubhouse, playground, gazebo, picnic area, and mailbox shelter with bus stop.

The newly-constructed development was financed in part by $736,756 in AHFA-administered Housing Credits.
NationaIMI Approved as Insurer for Step Up program

Effective September 10, AHFA added NationalIMI as an acceptable private mortgage insurance (PMI) company for Step Up loans. NationalIMI joins a list of acceptable PMI coverage/certificates underwritten by the following companies:
  • Arch/CMG
  • Essent
  • Genworth
  • MGIC
  • Radian
  • United Guaranty
Questions about PMI underwriters can be directed to AHFA's Compliance Department at 334-244-9200 or compliance@ahfa.com.
Prattville Homeowner Feared She Would Lose Home, but Found Help through Hardest Hit Alabama

Homeowner Cora Jones thought the home she had worked so hard for was in jeopardy when her income ceased. "I was in a bind, and I couldn't get my house payment caught up," said Jones, a Habitat for Humanity homeowner. "I was to a point of giving up. But, I didn't want to lose my house."

Then, she heard about Hardest Hit Alabama, which is administered by the Alabama Housing Finance Authority and available to help financially distressed, eligible homeowners avoid foreclosure by making their mortgage payments up to $25,000, providing funds to qualify for a loan modification, or assisting with a short sale.

With the assistance of the HHA staff and her local affiliate, Habitat for Humanity of Autauga and Chilton Counties, Jones was able to complete her Hardest Hit Alabama application.

"My mother always said that when people see you trying to help yourself, they will help you out," she said. "HFH of Autauga and Chilton Counties worked with me to help me get approved. I wouldn't trade them for the world."

Lisa Green, executive director of HFH of Autauga and Chilton Counties, was instrumental in assisting Jones through the process. "We worked and worked and finally figured out all the paperwork needed," said Green. "We were so thrilled for Cora when she was approved. We have encouraged several others of our homeowners to call Hardest Hit Alabama."

With her home now secure, Jones remains thankful for the assistance provided by Hardest Hit Alabama. "It has been wonderful," she said. "I got my payment reduced. It has been a big help."
November Workshop to Focus on Poverty and Affordable Housing

The Alabama Alliance to End Homelessness, Collaborative Solutions, Inc., and the Low-Income Housing Coalition of Alabama will be hosting "Housing Works! 2015" November 12 & 13 in Orange Beach. The conference will focus on issues of poverty and affordable housing in Alabama.

AHFA is a gold sponsor of this year's event.

For more information or to register: http://conta.cc/1VrlU9c
The Housing Assistance Council to Offer Two Trainings Centered on Affordable Multifamily Housing

The Housing Assistance Council is hosting two upcoming trainings aimed at increasing nonprofit capacities for developing affordable multifamily housing. The trainings "Utilizing the LIHTC Program: Creating & Preserving Affordable Housing" and "Sharpening Your Skills: Financial Management for Nonprofits" will take place November 19-20 in North Charleston, South Carolina.
 
More information about the trainings as well as the opportunity to register for either/both trainings can be found at www.ruralhome.org/calendar. 

Alabama Housing Finance Authority | 334.244.9200 | Email | Website
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